Impact of Consumers’ Buying Behavior on Luxurious Goods during COVID 19

The lifestyle and purchasing habits of consumers are disrupted by pandemics like COVID-19, which also have a negative effect on the world economy. This study aims at understanding the factors that influence consumer’s buying behavior, to examine the relationship between consumers’ buying behavior and consumption of luxurious goods and to measure the impact of consumers’ buying behavior on the consumption of luxurious goods during COVID 19. To conduct the research, data have been collected through a structured questionnaire from 412 respondents using a Google form as well as a face-to-face interview. The data consistency test has stated that the data are completely reliable. The factors of consumer’s buying behavior have significant impact on consumption of luxurious goods. Moreover, the study applies a chi-square test which indicates that consumption of luxurious goods is associated with profession, income, devotion to fashion, fascination towards change and care about the choice and preference of the family members. Findings of the study indicate that COVID-19 affect consumer from different aspects of life and reduce their level of income that massively affect the buying intention and reduction of cost of consumption whereas consumers are intended to save more for the future. There is a great change in food habits, lifestyle, brand preferences and consumption of luxury goods as well as the consumers claim that COVID-19 reduces the availability of luxurious goods. The findings of the study can help marketing managers create effective promotion strategies to stimulate buying intention of consumer. It will also bring a clear understanding for the policymakers to design their business and assist to set a business plan to get rescued from this decline stage as soon as possible.